Miami Beach Fire & Police Pension Commits $18M to Non-Core Real Estate
Written by: Koncheng Moua, Director of Data Management and Strategy
The Miami Beach Fire & Police Pension Fund has committed $18 million across three non-core real estate funds, according to meeting minutes from the July 21 board meeting.
$5 million was committed to Affiliated Housing Impact Fund, a value-add real estate fund managed by Affiliated Development. $8 million was committed to value-add real estate fund, Artemis Real Estate Partners IV. $5 million was committed to value-add real estate fund, TerraCap Partners V.
At the previous board meeting in June, the Board requested their consultant, AndCo, to bring forth non-core real estate managers for consideration. This would be the $1 billion Pension Fund’s first exposure to non-core real estate.
As of June 30, 2022, the Pension has an actual and target allocation to real estate of 19.6% and 15% respectively.
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